A-Rating Affirmed and Expanded for Foundation Health's Workers' Comp Units.RANCHO CORDOVA, Calif.--(BUSINESS WIRE)--Aug. 28, 1996-- Foundation Health Corporation (NYSE NYSE See: New York Stock Exchange :FH) today announced that its group of managed care workers' compensation insurance units has been given an A-, or Excellent, rating by A.M. Best. -0- The rating applies to: -- California Compensation Insurance Company (CalComp), a leader in introducing managed care and other techniques to reduce the cost and frequency of claims for employers. CalComp is the largest private workers' compensation insurance carrier in California. -- Business Insurance Company (BICO BICO Bicolor ), an affiliate of CalComp, is licensed in 49 states and currently offers managed care workers' compensation insurance products in 20 states outside of California. -- Combined Benefits Life Insurance Company (CBLIC), a subsidiary of CalComp, which currently offers fully integrated managed care workers' compensation and group health insurance products in California and Utah. A.M. Best stated: "The group's rating reflects its excellent historical operating performance and sound liquidity supported by strong cash flows." CalComp previously held an A-rating. BICO and CBLIC were not rated. "This excellent rating, now applied to our entire group, will support our sales efforts as we continue to expand our managed care workers' compensation programs in attractive markets throughout the country," said Maurice A. Costa, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Foundation Health's workers' compensation group. "Our innovative programs to enhance employee productivity and reduce costs are being welcomed by employers wherever we go." Foundation Health Corporation is a Fortune 500 managed care organization with headquarters in Rancho Cordova, California Rancho Cordova is a city in Sacramento County, California, USA, that incorporated in 2003. The State of California estimates its population at 59,056 as of January 1, 2007 [1] History . Through its HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, , insured PPO PPO abbr. preferred provider organization PPO Managed care Preferred provider organization, see there Infectious disease Pleuropneumonia-like organism, see there and government contracts subsidiaries the Company provides group, individual, Medicare, Medicaid and CHAMPUS CHAMPUS Civilian Health & Medical Program for Uniformed Services A health care plan for military dependents and retirees operated by the DoD Types of service HMO, PPO, and fee-for-service, through a single health plan known as TriCare coverage for more than 3 million individuals. In addition, the Company's subsidiaries offer managed care products related to workers' compensation, behavioral health, dental, vision and prescription drugs, and administrative services for medical groups and self-funded benefits programs. CONTACT: Foundation Health Corporation Kurt Davis, (916) 631-5288 |
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